IDM Multi-family Portfolio
The IDM portfolio consists of 408 apartment units in four new properties including Division Street Lofts, The Grove at 72nd, East Twelve Lofts and Hawthorne 26 Apartments. These attractive multi-housing communities are located in Vancouver, Wash., and Portland’s close-in eastside neighborhoods, each of which has achieved strong market interest and prompt stabilization. Melvin Mark Capital Group arranged a $52.3 million, 15-year loan with a life company to be amortized over 30 years.
The Janey is a LEED Platinum, 50-unit apartment building located in the heart of the vibrant Pearl District in Portland. The complex has a walk score of 98. The high quality project was completed and stabilized in 2012 and consists of studio and one-bedroom apartments; 2,618 SF of ground floor retail; and a host of amenities such as bicycle storage, personal storage, on-site concierge, and mechanical parking system. Melvin Mark Capital Group arranged an $8.5 million, 10-year fixed-rate term loan with a life insurance company to be amortized over 30 years.
Urban Multi-family Portfolio
Located in Northwest Portland, this three-property portfolio includes:
- Franklin Ide, a six-level, 92-unit apartment building located on NW Lovejoy and 23rd Avenue.
- Benevento, a four-story, mixed-use project at the corner of NW 23rd Avenue and Raleigh Street. The property features 24 units and two prominent restaurants–Lompoc Brewery and St. Jacks.
- Sawyer’s Row, a 40-unit, three-story apartment complex is located close to the future Conway/New Seasons development site.
All properties are high-quality, well-located and newly-constructed multifamily. Each has achieved LEED Gold certification or higher with a walk score of 90+. Melvin Mark Capital Group arranged a $29.1 million, 10-year fixed-rate term loan with a life company to be amortized over 30 years.
Sequoia Village Apartments
Sequoia Village is a 72-unit, gated apartment project located within walking distance from Clackamas Town Center. The property consists of separate buildings, garages and surface parking. Other amenities include a new sport court, washer/dryer in units, access to a community swimming pool, and a clubhouse. The borrower acquired a partially-completed project and brought it to completion. The loan provides flexibility for future development of entitled land. Melvin Mark Capital Group arranged an $8.0 million, 7-year fixed-rate term loan with a bank to be amortized over 30 years.